HomeHighlights Terrible Token Tuesday and Happy Holidays From the Concourse Open Community

Published 19 Dec by CryptoDiffer Team

Disclamer:

This article is written by The Concourse Open Community, we are not responsible for the content of the article.

The Concourse Open Community keeps scouring the ICO space and publishing its findings at ConcourseQ. As always, we’re here to share the most terrible ICOs with the community on Terrible Token Tuesday! And don’t forget — anybody can contribute research!

We’re also #buidling several interesting (non-terrible, we hope) projects in the space. Check out our Discord for more on our very active community.

The most terrible projects for this TTT are:

Supposedly a whale-watching platform, this project’s model relies on whales disclosing their trading strategies. It’s hard to imagine that Spiking’s reward system could make up for the decrease in profits that would come from whales revealing their methods. Looks like low public interest caused postponement of Spiking’s first try at this ICO, and we’re not holding our breath for a big splash this time, either.

There isn’t much about Stein Coin that seems genuine. Not only did they plagiarize another crappy project, but the team was also called out on Bitcointalk for being fake. It wasn’t surprising that Stein Coin deleted its internet presence, leaving behind nothing but a cached copy of their whitepaper. We saved the link in our diligence report if you wanna check it out; it’s really bad!

B21 wants you to think that developing a simple crypto wallet requires a token sale even though lots of teams have already shipped great wallets for free. Even worse, B21’s app is completely closed source. So they want you to blindly trust not only that this little-known team can write hacker-proof code, but also that they won’t steal your crypto themselves!

+ blockchain is always a winning combo, right? No. With United Fans, token holders create proposals for their favourite football clubs and stake tokens to “vote” for the proposals. Problem is, the proposals aren’t binding; they’re just presented to the clubs for consideration. Isn’t this use case already covered by online petition sites like change.org? Of course, leaving the job to online petitions wouldn’t line the pockets of the United Fans founders, would it?

We never found any evidence supporting Delta X’s claim that its token sale was registered with the SEC. Though it does seem that selling a token purporting to “share” 100% of profits with holders would be a security offering. But none of that really matters now, because depending on what URL you click on, Delta X either took down its website or became an ecommerce site offering Italian sunglasses.

The Borser project reeks of amateurism. Its presentation decks are ill-formatted, full of errors, and provide little information to investors. It claims to’ve invested in companies whose websites are suspended. As for the team, between the lack of social profiles and badly photoshopped images, we couldn’t verify any of their identities. All we can say is good luck trying to raise that $30M!

We’re not sure what ChainZilla’s trying to achieve, but they’ll surely have a hard time competing with giants like Microsoft and IBM in the blockchain-as-a-service space. We tried to give them a break, but their whitepaper isn’t promising and they have little development (apart from a wallet that doesn’t do much). Plus, hiding five out of eight team members behind hooded hacker avatars doesn’t improve a project’s credibility.

Announcement:

The Concourse Open Community is building a lot of cool stuff.
Join us on Discord — https://discord.gg/22E3YvP — to find out about our projects and how you can get involved!

And now some previously featured really terrible projects:

BotXcoin is running an uncapped ICO on the strength of its inexperienced team’s promise to create a semi-decentralized exchange and apparently deploy a few arbitrage bots. We doubt this team is ready for all the regulatory and technical challenges it’ll face, so our guess is that all BotXcoin will end up producing is some angry investors holding heavy bags.

Another loyalty points + blockchain project that we look forward to never hearing from again. Loycha relies heavily on an MVP as evidence that its team can deliver, but all we get the MVP to do was let us register an account (using a wrongly-formatted phone # at that). We question this team’s ability to build a location beacon (a complex task being tackled by solid projects like FOAM) when they can’t even build a working MVP or a decent community around their project.

In vino veritas, but not always. No idea if there really are inefficiencies in the fine wine markets that can be addressed thru decentralization. But we do know that no serious project would mislead investors by passing off mentions in student blogs as endorsements from Ivy League universities. Of course, judging from the problems with the thing that CWEX touts as a demo, this is far from a serious project.

Every Awards is a project that keeps pivoting around at the unusual rate of around once a month, but started out as an ICO and was called “shop protocol”. We invite you to checkout the DD trail done by the community, and also their last pivot as https://www.every.fyi/ just a few days ago!

Thanks!

The ConcourseQ team would like to thank everybody that helped on these DDs and all the others! If you want to join our community, meet us on our Discord: https://discord.gg/22E3YvP